Lack of money management lessons in schools has been blamed for 5.4m people spending more than they earn each month.
A survey from Uswitch has found that 5.4m adults – which represents 11 per cent of the population – every month spend more than they earn.
The poll showed a further 13 per cent just ‘break even’ each month and another 53 per cent have less than £100 in their bank account when everything else has been paid.
According to debt management experts at MoneySolve, the figures are a real cause for concern and are a result of a lack of formal money management education.
Elizabeth Beesley, debt management expert at MoneySolve, said: “What this indicates is that people are continuing to live beyond their means.
“But it’s perhaps little surprise that we have these problems when formal money management lessons are only just, in the 21st century, becoming a compulsory part of education.”
Ms Beesley has previously called for education on matters relating to debt for adults in the UK and has said that this is essential in cutting debt problems.
She also said this could help to make people feel more comfortable speaking about financial matters.
Ms Beesley added: “Seeking professional debt help is a really great move forward in dealing with any debt problem.
“However, talking about debt still tends to be something of a taboo matter. This can make people feel uneasy about seeking help sometimes.
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